Huge palazzo in the heart of Valletta worth €3m has been put up for sale by CryptoHomes as they look to oversee the very first purchase of a property in crypto on 'Blockchain Island'

Malta’s seemingly unstoppable rise as the world’s leading blockchain hub stepped up a gear today as one of the island’s many crypto-related businesses put a vast property up for sale in Bitcoin.

The 860sqm historic building in the heart of the Mediterranean island’s vibrant capital – Valletta – comes with permission to be transformed into a hotel or even office space.

Uniquely, the imposing building comes with a three million euro price tag but can only be purchased in Bitcoin, giving its investor the opportunity to claim the title of making the first cryptocurrency property purchase on ‘Blockchain Island’.

“I believe that there are a number of affluent individuals in this new business community viewing Malta as the most attractive place for investment,” says Ian A Fitzpatrick – the property’s current owner.

“The palazzo on sale, which has more than four centuries of history, can be developed into a boutique hotel or even into a cool housing project for employees.

“Investing in real estate in Valletta is certainly a smart step for anyone looking to establish himself on Blockchain Island.”

Further real estate listings

The sale is part of an initiative called CryptoHomes.io which, according to a statement on its official website, seeks to make more real estate listings available through crypto following the conclusion of the first crypto real estate investment in Malta.

CryptoHomes has partnered with Cubits – a widely-trusted and well-established multi-currency wallet.

One of CryptoHomes’ initiators – Dennis Avorin – said the move was a big step in proving cryptocurrency has a future in purchasing assets in the same way as regular cash.

Bitcoin has flipped into a bullish formation following yesterday evening’s stunning breakout above the psychological level of resistance at $10,000. It spiked to as high as $10,450 on derivatives exchange...